Nov. 28 (Bloomberg) -- OAO Phosagro, Europe’s largest
phosphate fertilizer maker, said owners of more than 10 percent
of shares in its Apatit unit had agreed to a buyout offer,
clearing the way for it to take 100 percent control.

Phosagro announced an offer to buy the 15 percent of
Kirovsk, Russia-based Apatit it didn’t already own on Nov. 8, a
month after it won a tender to buy the Russian government’s 20
percent stake for 11.1 billion rubles ($356 million). That
brought its ownership in Apatit, alongside affiliated parties,
to about 85 percent, triggering a mandatory takeover offer for
the rest of the company under Russian regulations.

Minority owners of more than 10 percent of Apatit shares
accepted the offer of 6,679.90 rubles per common share and 5,344
rubles per preferred share, Phosagro said in a regulatory filing
today.

“Once Phosagro and its affiliates surpass 95 percent in
the company in the tender offer, it receives the right to
squeeze out the remaining shareholders,” Phosagro’s press
service said in an e-mail. The company will consider the
opportunity, it said.

Phosagro may spend as much as $290 million on the
integration of Apatit, Sberbank Investment Research said in Nov.
9 note.